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Institutions as Knowledge Capital: Ludwig M. Lachmann’s Interpretative Institutionalism

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  • Foss, Nicolai
  • Garzarelli, Giampaolo

Abstract

The paper revisits the socioeconomic theory of the Austrian School economist Ludwig M. Lachmann. By showing that the common claim that Lachmann’s idiosyncratic (read: eclectic and multidisciplinary) approach to economics entails nihilism is unfounded, it reaches the following conclusions. (1) Lachmann held a sophisticated institutional position to economics that anticipated developments in contemporary new institutional economics. (2) Lachmann’s sociological and economic reading of institutions offers insights for the problem of coordination. (3) Lachmann extends contemporary new institutional theory without simultaneously denying the policy approach of comparative institutional analysis.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3087.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:3087

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Keywords: Comparative institutional analysis; coordination; expectations; institutional evolution; interpretative institutionalism;

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  1. Lewis, Paul & Runde, Jochen, 2007. "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 62(2), pages 167-186, February.
  2. Sidney G. Winter, 1964. "Economic "Natural Selection" and the Theory of the Firm," LEM Chapters Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, in: Yale Economic Essays, pages 225-272 Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Koppl, Roger, 2000. "Fritz Machlup and Behavioralism," Industrial and Corporate Change, Oxford University Press, vol. 9(4), pages 595-622, December.
  4. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 58, pages 211.
  5. Israel M. Kirzner, 1962. "Rational Action and Economic Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 70, pages 380.
  6. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, Cambridge University Press, vol. 1(01), pages 1-22, June.
  7. Peter Lewin, 1997. "Hayekian equilibrium and change," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 4(2), pages 245-266.
  8. Koppl, Roger & Whitman, Douglas Glen, 2004. "Rational-choice hermeneutics," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 55(3), pages 295-317, November.
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Cited by:
  1. Garzarelli, Giampaolo & Limam, Yasmina Reem & Thomassen, Bjørn, 2007. "Open Source Software and Economic Growth: A Classical Division of Labor Perspective," MPRA Paper 3849, University Library of Munich, Germany.

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